Pacquiao and Marquez fought to a controversial split 12-round draw in Las Vegas last weekend.
Peñalosa said he thought Pacquiao won the fight by one or two points but could understand why the decision was a draw.
"Close fight kasi," he explained. "Okay lang siguro ang draw. Kung nanalo si Manny, papalag si Marquez. Kung nanalo si Marquez, papalag si Manny. Kaya, baka pwede na rin yung draw. Mag-rematch na lang sila."
In a return fight, Peñalosa predicted Pacquiao will win by knockout.
"Swerte si Marquez, nasaktan ang kaliwang kamay ni Manny," said Peñalosa. "Kung hindi namaga ang kamay ni Manny, hindi aabot ng three rounds si Marquez. Bagsak na nga siya ng tatlong beses noong okay pa ang kamay ni Manny."
Peñalosa credited Marquez for his grit in coming back from three knockdowns in the first round.
"Naka-recover si Marquez," continued Peñalosa. "Akala ko tapos na siya sa first round. Hindi siya tumiklop. Nilabanan niya si Manny ng harap-harapan. Kung hindi lang malakas si Manny, baka nakadisgrasya pa si Marquez."
Peñalosa said it seemed like Pacquiao was in better physical condition for Marco Antonio Barrera than for Marquez.
"Pinaghandaan ni Manny si Barrera at napakaganda ng kanyang condition sa laban na ‘yon," Peñalosa went on. "Sa tingin ko, kulang ang conditioning at concentration ni Manny kay Marquez. Babawi si Manny kung magka-rematch. Alam na niya kung paano labanan si Marquez at kung okay na ang kanyang kamay at paa, walang ligtas si Marquez."
Peñalosa said if a rematch isn’t an option, Pacquiao could challenge WBC superfeatherweight champion Erik Morales. He said Morales, who fights like Barrera, is an easier opponent for Pacquiao than Marquez. What makes Marquez dangerous to a slugger like Pacquiao is his counterpunching style.
As for his own plans, Peñalosa confirmed he is making a comeback. From 130 pounds two months ago when he started training, his weight has dropped to 123. He returns to the ring against Roger Galicia on June 15 at a weight limit of 116 pounds.
But before facing Galicia, Peñalosa will take on Robert Dalisay in a four-round exhibition at a black-tie charity show in the NBC Tent, Global City, on May 21. The event will be headlined by unbeaten Oriental minimumweight champion Rodel Mayol’s title defense against Ernesto Rubillar.
The event, organized by the Springboard Foundation, will feature dining from Le Souffle, live boxing and an auction of sports memorabilia related to Muhammad Ali, Tiger Woods, Michael Jordan, Pele, Ronaldo, Steve Nash and James Blake under the hammer.
Promoter Edgardo (Boy) Cantada is assembling the boxing card that will also showcase knockout artist Benedict Suico and world-rated lightflyweight Wyndel Janiola.
Peñalosa said he decided to return to the ring to settle unfinished business. Working out at the Elorde gym in Sucat, he has been sparring with former Oriental champion Pedrito Laurente and Alex Escaner.
Peñalosa, 31, hasn’t fought since losing a close decision to Masamori Tokuyama in a WBC 115-pound title bout in Osaka in December 2002. The loss dropped Peñalosa’s record to 46-5-2, with 28 KOs. It was Peñalosa’s third foiled bid to regain the WBC crown he lost to In Joo Cho in 1998.